Elliott Wave Forex Scalping

[JahDave]

Here is a good nugget if anyone is reading this. The Euro is in a serious triangle on the 5 minute chart..............Triangles are almost always terminal patterns, so I suspect the Euro will go down for a while from here..........Maybe you can squeeze a few more pips from this, but I doubt it.
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[JahDave]

This should be a 3rd or a c wave down on the short term. I think it will go down 20 or so pips before starting back up. I have already shorted this pair.

 

[JahDave]

This should be a 3rd or a c wave down on the short term. I think it will go down 20 or so pips before starting back up. I have already shorted this pair.

ok, I'm out for my 20.

 

[JahDave]

The Aussie should be good for a few pips short.

 

[JahDave]

I didn't take my several pips short when I had the chance, but based on a larger Elliott Wave model then I am going to give this trade about 150 pip range because it is very volatile now and I think this is the end of a fifth wave on a much larger scale and if it is then this pair will be going down for a long time now.

 

[JahDave]

I haven't had time to have a good 4 or 5 hour scalping session, but tomorrow at about 6 pm Eastern time I will be here for 5 or 6 hours scalping and posting a lot on the 1 and 5 minute charts..........

JahDave

 

[JahDave]

Here is a classic Elliott Wave Impulse forming up on the 5 minute chart..........

 

[JahDave]

Here is the USD_JPY 5 minute chart........The move up looks to be 5 waves but the move back down looks to be in threes..........if the 80.97 level does not get broken then the odds are very good for a strong thrust up..............

 

[JahDave]

Here is another classic Elliott Wave impulse wave forming to the downside...........That means that soon there should be a three wave retracement back up and then a strong thrust back down.

 

[JahDave]

Here is the 3 minute USD_CHF .....It has Bolinger bands and a stochastic and fractal under the chart......All are showing a down move so I sold it.........

 

[JahDave]

Here is the 3 minute USD_CHF .....It has Bolinger bands and a stochastic and fractal under the chart......All are showing a down move so I sold it.........

Also if you look at the general form on this chart it does not look impulsive up, but like a typical bear flag formation...

 

[Doomberg]

JahDave i can't believe i have only just found this, scalping is where im trying to develop
my edge, i thought you were only interested in doing longer time frame trades....

Im currently enjoying reading through this thread :smart:

 

[JahDave]

JahDave i can't believe i have only just found this, scalping is where im trying to develop
my edge, i thought you were only interested in doing longer time frame trades....

Im currently enjoying reading through this thread :smart:

I really enjoy scalping, but I own a business and don't have as much time as i would like to scalp. I mostly use the modified stochastic with the fractal on it in the 5 minute charts.

 

[AFDin]

OK JahDave/Others

When using EW waves as a guide road map for scalping, what would be the Stop Loss setting. In scalping strategy (usually small time frames) we use very small SL setups; however if we use EW as our guide, then that calls for a very large SL setting. So, if we use EW SL settings per EW guidelines and Take Profit setting per scalping strategy, there would be an extremely adverse Risk/Reward ratio. So, how do you go about it?